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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

 

 

 

 

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When is it a good time to refinance your mortgage? If your existing mortgage rate is higher than the current rate for your credit score and mortgage type, you need to explore it. Would you like to lower your mortgage payment to make your house more affordable? Are you considering updates to a kitchen or a bathroom, and want to get some extra cash to afford them?

Refinance Now with Lendingtree! Before you stop off at the local bank to discuss home refinancing you should consider comparing refinance options online. Just visiting your local bank won't give you your best rate, which means you'll pay more. Refinancing your home through an online mortgage refinance company lets you quickly find the best rate given your credit worthiness, loan size and type.

The best refinance companies allow several banks to compete for your loan, in order to provide you the lowest mortgage payment. They save you the hassle of calling several banks and lending institutions, and completing multiple refinance applications.

But not all online mortgage refinance brokers are the same. Before you start your search you should consider the following:

  • Application process.  What is the process of gathering the information needed to begin the mortgage search?
  • Number of Lenders.  How many banks and lenders does the company work with to find you the best rate? The larger the number, the more likely you'll receive the best rate.
  • Timeliness.  Are you going to have to wait for a call to discuss all of the necessary details, or will the online application expedite the process and provide you the details you're looking for?

TopConsumerReviews.com has reviewed and ranked the best online mortgage refinance providers available today. We hope these reviews help you as you decide to refinance your mortgage!

Disclosure: We pay our reviewers and we are compensated for our reviews. Click here for details.

Mortgage Refinance Reviews

5 stars
Lending Tree

LENDING TREETopConsumerReviews.com Best-In-Class Blue Ribbon Award

In business since 1996, Lending Tree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make Lending Tree stand ahead of their competition. Read More... Visit
Site

4 stars
Quicken Loans

QUICKEN LOANS

Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans. Read More... Visit
Site

3 stars
The Easy Loan Site

THE EASY LOAN SITE

The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide. Read More... Visit
Site

3 stars
Loan App

LOAN APP

In business since 1992, Loan App matches customers with up to 4 lenders to help meet their personal refinance needs. The Loan App website was missing important information about the company, the refinance process, the lender network and any associated fees. Read More... Visit
Site

2 stars
Rate Marketplace

RATE MARKETPLACE

Rate Marketplace promises to match loan refinance companies with borrowers. However, what we found was that they simply sent us on to other mortgage referral companies. We felt this was both frustrating and a waste of our time. For those seeking assistance finding a competitive refinance loan, we recommend you choose a higher rated company on our list. Read More... Visit
Site

1.5 stars
Mortgage Search 123

MORTGAGE SEARCH 123

Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure. Read More... Visit
Site

1 star
Lower My Bills

LOWER MY BILLS

Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information. Read More... Visit
Site

Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.

 

 

 

92% of Title Professionals Will be Prepared for New Closing Disclosures Aug. 1
An overwhelming majority of title professionals will be prepared for the Aug. 1, 2015, implementation of the Consumer Financial Protection Bureaus (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule, according to a new survey conducted by ALTA.
Publication Date: May 06, 2015

Kevin Leonard Enters Into A New Agreement With KnackMedia.coms Social Media Management Team To Market VA Loans In San Diego California
San Diego home loans specialist Kevin Leonard and his team are looking to gain more of the market share for Veterans looking to buy homes in San Diego. They just agreed to use KnackMedia.com to assist in delivering information about VA loans in San Diego through multiple social media channels.
Publication Date: May 14, 2015

Weekly Refinance Activity Falls But Purchase Applications Rise
Peoples Home Equity comments on the latest mortgage application data for the week ending on May 2nd.
Publication Date: May 07, 2015

Consolidated Credit Welcomes the HARP and HAMP Extension
Theres great news for people looking to save money on their mortgage.
Publication Date: May 21, 2015

A10 Capital Provides $4.6 Million Non-Recourse Commercial Real Estate Bridge Loan to Fund the Refinance of Two Medical Office Buildings
Middle-market commercial mortgage lender funds refinance of medical office buildings in the Austin, Texas metro area.
Publication Date: May 11, 2015

San Diego VA Loans Specialist Begins New Marketing Campaign to Assist Military Home Loans With The VA IRRRL
VA loans in San Diego are very common due to the high military presence, and many homeowners who used a VA loan to buy their homes are taking advantage of low interested rates and refinancing into a new loan. Kevin Leonard and his staff have a new marketing project that is specifically targeting San Diego VA loans that could benefit from VA Interest Rate Reduction Refinance Loan.
Publication Date: April 28, 2015

The Partnership Federal Credit Union Joins the Rate Reset Network
Software Provider to License Innovative Rate Reset Technology to Virginia Credit Union
Publication Date: May 08, 2015

How To Estimate Home Value Before Refinancing A Mortgage
The Federal Savings Bank offers some tips on how homeowner can estimate their home.
Publication Date: May 17, 2015

Rate Reset Partners with MD|DC Credit Union Association to Accelerate Adoption of Innovative Lending Technology in the DC Metro Area
Regional Trade Association Executes Strategic Partnership with Software Provider to Bring Efficiencies to Member Credit Unions
Publication Date: May 14, 2015

Lending Tree Ranks HomePlus Mortgage Second on Its List of Top Residential Mortgage Originators Nationwide
HomePlus Mortgage claims a top spot on the Lending Trees Q1 List of Top Rated Residential Mortgage Originators for 2015, ranking second best overall mortgage originators Nationwide.
Publication Date: May 13, 2015

San Diego Home Loans Specialist Kevin Leonard Discusses New Reverse Mortgage Figures for Early 2015
Kevin Leonard and his team of mortgage originators and real estate agents work with San Diego residents providing all home loan products including the HECM reverse mortgage. The group has some new figures about reverse mortgages in San Diego and across the country.
Publication Date: April 30, 2015

Midwest Capital Funding Adds Eligible Properties to Its Client List
Full service commercial real estate finance firm, Midwest Capital Funding, expands its list of eligible properties to include hotels and federal historic tax credit projects, diversifying its financing options.
Publication Date: May 21, 2015

Temecula Mortgage Rates and Home Loans for Purchases and Refinances Displayed on New Blog Site
To help serve local residents with mortgage financing questions, Mr. Kevin Leonard and his staff have begun a new Temecula home loans blog. The new weblog offers information about Jumbo, FHA, and VA loans in Temecula by local mortgage experts.
Publication Date: May 08, 2015

New Mortgage Purchase Leads Helps Loan Officers Connect With Local Real Estate Agents
National mortgage recruiting and consulting company AnikimCreditCorp.com opens new line of exclusive mortgage leads. The new mortgage purchase leads are for building relationships with local Realtors, and assist borrowers with prequalifying for a home purchase.
Publication Date: May 11, 2015

 

 

 

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